The key commitments made by the major parties are:
• Labour: “[We will] introduce a package of reforms to business rates – including switching from RPI to CPI indexation, exempting new investment in plant and machinery from valuations, and ensuring that businesses have access to a proper appeals process – while reviewing the entire business rates system in the longer run.”
• Liberal Democrats: “Reviewing the Business Rates system, prioritising reforms that recognise the development of the digital economy, lessening the burden on smaller businesses, and ensuring high streets remain competitive. We will also consider the implementation of Land Value Taxation.”
• Conservatives: “We will make sure that revaluations are conducted more frequently to avoid large changes to the bills that businesses face, and explore the introduction of self-assessments in the valuation process. To ensure the system is sustainable for the future we will also conduct a full review of the business rates system to make sure it is up to date for a world in which people increasingly shop online.”
• Plaid Cymru: “Plaid Cymru will put an end to the unfair business rates system, by moving towards a turnover-based system.”
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